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Japan to auction off 600,000 barrels of oil from national reserves

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The industry ministry’s decision to sell crude oils is part of a US request to cool mounting oil prices.

Japan’s industry ministry has said it will hold an auction on February 9 to sell about 100,000 kilolitres, or 628,980 barrels, of crude oil from its national reserve as a part of a US-led coordinated release of oil reserve to cool rising prices.

The supply, to be taken from its Shibushi tank in southwestern Japan, will become available to the winning bidder on March 20 or later, it said in a statement on Monday.

“This is the first round of the planned releases and we will conduct more auctions when we are ready and while we closely watch the international energy markets,” an official at the ministry told Reuters news agency.

Japan’s government said last month that it would release “a few hundred thousand kilolitres” of oil in response to a US request, and the sale would be done as part of a switch in the composition of the types of oil held in the national reserve.

Drop in prices

Global oil prices have slipped by more than $5 a barrel since the ministry announced the plan late in November, as the spread of the Omicron coronavirus variant has raised concerns that fuel demand might decrease.

But industry minister Koichi Hagiuda said earlier this month that Japan’s oil release plan remained unchanged despite the drop.

The US Department of Energy said earlier this month it will sell 18 million barrels of oil from the Strategic Petroleum Reserve, with offers from companies to purchase it due on January 4, as part of the release aimed at cooling fuel prices.

Source: Reuters / TRT

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Maldivian regional fleet grows with fourth ATR arrival

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Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv

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Economic growth slowed down 4.7% in 2023.: MMA

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Maldives Monetary Authority (MMA) reports the economic growth slowed down 4.7% in 2023.

In its annual report, the central bank reported economic growth slowed owing to muddied performances in the tourism and construction industries.

While last year economic growth slowed 4.7%, it rose by 13.9% in 2022.

Tourism industry activity slipped last year because of the decline in the average duration of stay.

While tourism and construction industries, two of the major economic sectors, observed decline, other major sectors such as financial, fisheries, and private sector credit had gone up.

The Maldives government is taking corrective measures to rectify the economic growth, while President Dr. Mohamed Muizzu’s vision is to elevate the country’s national GDP to USD 12 billion, according to the Minister of Economic Development and Trade Mohamed Saeed.

Source(s): sun.mv

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TMA becomes first Asian operator to receive Havilland Certificate

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Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv

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